While we wait for the electoral count to be sorted out by what we hope are competent and honest people (not holding our breath), there’s a greater muddle growing where it actually counts and where it’s never fully nor properly accounted. By a large and growing number of accounts, the US economy’s rebound seems to have stalled out back around June or July, an inflection unrelated to COVID case counts, too.
The rebound is still rebounding, of course, and this upturn from May’s bottom produced the most gigantic GDP ever witnessed in Q3. That aside, there curiously doesn’t seem to be much momentum spared for moving into Q4 and perhaps beyond.
Start with the labor market – simply because everything, meaning everyone, that matters is in it. The only question on our minds has been if everyone gets to go back to work. Not “most” and definitely not “many.” All the formerly employed workers, which had already been too few dating back more than a decade. Read more…..
Chart of the Day
Coming off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic put itself back together. Michelle Girard, chief U.S. economist at NatWest Markets, Stephanie Kelton, professor of economics and public policy at Stony Brook University, and Michael Strain, director of economic policy studies at the American Enterprise Institute, join “Squawk Box” to discuss.